So named for the color of the capsules, "reds" is slang for secobarbital - better known by its brand name Seconal - a pharmaceutical barbiturate used as a sedative i.e. sleeping pill, but which recreationally is used as a hallucinogen.
The two attorneys, portrayed by Roger Perry and Phillip Pine, both made guest appearances on Star Trek (1966).
502 = drunk driving.
Rabbit is slang for to make a run for it.